2003
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Residential project in Abu Dhabi
A new community residential project, Cassells Royal Residence, will open in Abu Dhabi next month. It offers 150 rooms along with a variety of flats ranging from studios to three bedroom suites. It will also cater to incoming visitors with a VIP Lounge, restaurant and a Royal Ballroom for up to 300 people as well as other facilities.
Expat Show in Dubai on Oct 2 and 3
The Expat Show is back in the UAE for the third time, and will this year be held on October 2 and 3 at Grand Hyatt Dubai. Over 50 per cent of the show covers real estate offers from 12 countries including some developments in new resorts. Local service providers are also participating.
Property show opens in Dhahran
The Real Estate and Housing Exhibition has opened in Dhahran, Saudi Arabia and will run until October 3 at the Dhahran International Exhibitions Centre. The show seeks to promote the best in real estate investment opportunities within Saudi Arabia and the Gulf. Dubai-based Nakheel is exhibiting at the show.
Parador opens Dubai office
Parador Properties has established a regional office in Dubai following strong demand from Gulf residents for freehold property in Europe, especially in Spain. Until now, the European realty firm was operating in the Gulf through agents.
Latest property trends discussed
Latest trends in real estate, interior design, feng shui and other home sectors were highlighted during a recent property event that was held at the Dubai Crowne Plaza Hotel. The meeting was organised by Emirates Home and American Women's Association.
Tenants move into Dubai Marina towers
The first tenants of Dubai Marina towers, the flagship Emaar Properties development, got their keys today. Construction of the remaining three towers is well advanced and tenants will begin to move in next March. Phase One of Dubai Marina comprises 1,026 apartments, 64 villas and 40 retail outlets built on a two-storey car parking podium.
Dubai re-sales at a premium
Emaar Properties CEO AJ Jaganathan told AME Info that properties re-sold by Emaar have all fetched a small premium, and that prices have been increased on all new properties zone by zone (see Executive Interview). He said the market was steady and sustainable but that with only around 15,000 freehold properties sold out of an estimated potential market of 200-300,000 there would be another boom in demand to come.
Palm Residence courts delegates
Delegates to the IMF and World Bank meetings this week are being targeted by The Palm Residence, a luxury apartment complex on the The Palm Jumeirah, an artificial island off Dubai. It features Arab Eclectic architecture, private health club, restaurants and shops and a residence visa. For details visit, www.ifahotelsresorts.com.
Mohammed inspects Techno Park
Dubai Crown Prince General Sheikh Mohammed bin Rashid Al Maktoum has inspected the masterplan of Dubai's upcoming Techno Park. The Techno Park is designed to attract foreign direct investment in research into oil and gas, desalinisation and environmental management. Phase 1 of the Techno Park facing Sheikh Zayed Road will be finished in 2005.
Palm Jumeirah, USD650m hotel
Palm Jumeirah developer Nakheel has signed a joint venture with Kerzner International to build a USD650m, 2,000-room hotel on the centre of the crescent of Palm Island Jumeirah. Atlantis, The Palm, will be modelled on the resort of the same name in the Bahamas. The 1,000 rooms of Phase 1 will be finished in 2007 and will include a water theme park.
USD1.3bn Bahrain Financial Harbour
Work started last month on the first USD260m phase of the USD1.3bn Bahrain Financial Harbour. This home for regional financial companies will be completed in five to six years with phase one finished in 30 months. The Bahrain Stock Exchange is confirmed as an anchor tenant and the Gulf Finance House.
USD2bn The World project Dubai
Palm Island developer Nakheel has started building a USD2bn nine kilometre long grouping of 250 artificial islands shaped like the map of the world, six kilometres off the Dubai coastline. Islands on The World will cost from USD8.5m-40m and range from 250,000 to 900,000 square feet in size.
ARY Digital, 44-storey DMC tower
ARY Digital Networks is to build a 44-storey skyscraper in the Dubai Media City at a cost of USD36m. The tower will house offices and the latest in television studios and transmission facilities. ARY Digital UAE launched on August 20 and is already winning viewers from the Asian community.
Dubai re-sale market blossoms
The re-sale of Dubai freehold property, mostly before it has actually been completed, is blossoming this autumn. Property is fetching a modest premium to completed prices, representing a substantial capital gain on the 10 per cent deposit. Agents said business is brisk.
Emaar, Dubai 2003 exhibition
Emaar Properties is to showcase its many real estate projects in Dubai at a special exhibition to be held at the Dubai World Trade Centre September 18-24 to coincide with the Dubai 2003 annual meetings of the IMF and World Bank. The Burj Dubai, to be the world's tallest building, will take centre stage.
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